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Aye Finance, a fintech lender backed by CapitalG (formerly Google Capital), has raised ₹20 crore through non-convertible debentures, in a deal syndicated by Northern Arc Capital. The company will use the funds to grow its loan book.
“With the latest infusion of funds, we intend to continue to work towards micro, small and medium enterprises (MSME) lending, diversifying our loan books and contributing towards the growth and longevity of India’s resilient and persevering MSMEs,” Sanjay Sharma, MD and Founder, Aye Finance, said.
The MSME lender operates through 104 branches spread across 11 northern, central and southern States. The company plans to close the current financial year with over ₹900 crore of assets under management.
The venture is equity funded by four Venture Capital funds — CapitalG, Accion International, SAIF Partners and LGT. Aye had recently raised ₹70 crore from Swiss impact investor BlueOrchard.
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